Chipotle spiked to an all-time high

Chipotle
Chipotle shares rose more than 7% to a new all-time high on Wednesday after earnings results that topped estimates.

On Tuesday evening, the restaurant chain reported adjusted earnings per share of $4.45, above the consensus estimate for $4.43, according to Bloomberg. Revenues came in at $1.2 billion, up 14.1%, versus the forecast for $1.22 billion.

But sales at stores open for more than one year (same-store sales) — a key metric in the industry — rose 4.3% in the quarter, lower than the estimate for 5.8%.

The stock initially fell more than 6% in after-hours trading on Tuesday night, but it recovered those losses and is now climbing. Wednesday's rally, to as much as $728.83, took the stock near its all-time high.

In the earnings statement, CEO Steve Ells said: "We feel good about our second-quarter results, as our revenue, average restaurant sales, and comparable-restaurant sales have continued to grow even comparing to a very strong 2014.

"The strength of our business is the product of our unique food culture and unique people culture, and we constantly find ways to improve, and overcome challenges we encounter — whether that means non-GMO ingredients, adding new pork suppliers to ensure food with integrity, or reinventing the way tortillas are made at scale."

Chipotle opened 48 new restaurants during the second quarter.

The company maintained its outlook for the full year. It expects to open between 190 and 205 restaurants, with "low to mid single digit" same-store sales increases.